Position Update…

So as of today at 9am for bond hedge /zn and 1pm for gold, my macro hedges are back on, seeking to buffer my positions from Knightian uncertainty. These positions are more a hedge against uncertainty than risk. They aren’t the same thing and I haven’t done a good job of explaining the difference in my portfolio construction.

In any case, the summer scare is either over or setting us up for a real summer of hurt. I hope to be secure in my process either way…

Two high-ranking military officials were detained in the ongoing investigation into the attempt on President Nicolas Maduro's life using explosive-laden drones, Venezuela’s leading prosecutor said Tuesday https://t.co/s9xt42LLCX

"The first panacea for a mismanaged nation is inflation, the second is war. Both bring temporary prosperity; both bring permanent ruin. But both are the refuge of political and economic opportunists."
-- Ernest Hemingway